Hyperscalers

The market’s biggest tech names and bitcoin are losing steam as investors reassess the return on massive AI spending. Capital is shifting toward semiconductors, memory stocks and other AI infrastructure plays.

Bitcoin miners pivoting into AI infrastructure are confronting a steep funding challenge, with VanEck estimating a near-term gap of about $50 billion. The firm says investors now care less about contract headlines and more about whether miners can fund, build, and operate data centers.